Tax insights

Tax Insights

Tax updates for you and your business

We keep you up to date with the latest Australian and International tax news.


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Insights

Beware of the liability of the annual Vacancy Fee (the so-called “ghost tax”)

6 September 2022
The 2017 Federal Budget introduced measures requiring foreign persons acquiring Australian residential property to lodge an annual Vacancy Fee Return and to pay a Vacancy Fee if a residential property is not occupied, or genuinely available on the rental market, for at least 6 months in the preceding 12-month period.

Draft legislation introduced: 120% deduction for skills training and technology

5 September 2022
Treasury has released draft legislation that will introduce a “Skills and Training boost” and a “Technology Investment Boost” to help support small businesses.

Submissions on multinational tax reform close today - could one proposed reform have unintended consequences?

2 September 2022
Ahead of submissions closing today (2 September) on the Australian Government’s multinational tax reform package,

Tax Insights | August 2022 edition

31 August 2022
In our August 2022 edition of Tax Insights, we take a look at the impacts of COVID-19 on tax residency, how 'treaty shopping' is a new focus area of the ATO, and a handy guide to payroll tax rates across Australia.

Government priorities for further counteraction of perceived multinational tax avoidance

31 August 2022
Documents recently issued by the Parliamentary Budget Office (PBO) and Treasury have shed light on potential design features of the Government’s Plan to Ensure Multinationals Pay Their Fair Share of Tax (the “Plan”), particularly in relation to the ‘tax havens integr

Impacts of COVID-19 on tax residency

29 August 2022
With individuals’ FY22 Australian income tax returns soon falling due, it is appropriate for individuals whose movement has been restricted by the COVID-19 pandemic, and their employers, to take stock of prevailing guidance from the Australian Taxation Office (ATO) and the relevant implications thereof.

Contractor versus employee – what has changed and what does it mean for your business

26 August 2022
There have been some significant changes to approach for determining whether a sole trader contractor engaged by your business is an employee or a contractor at common law.

Updated ATO Guidance on Division 7A

17 August 2022
TD 2022/11 was published on 13 July 2022 and provides details on the ATO’s approach on how Division 7A may be applicable when a corporate beneficiary is entitled to trust income from 1 July 2022.    

Significant Queensland land tax amendments in 2023

4 August 2022
With effect from the Queensland 2023 land tax year (which ends on 30 June 2023), Queensland land tax will be calculated using a taxpayer’s total Australian landholding rather than using just their Queensland landholding. 

'Treaty shopping’ a key focus area of the ATO

2 August 2022
The ATO recently released Taxpayer Alert (TA) 2022/2 Treaty shopping arrangements to obtain reduced withholding tax rates.

A guide to payroll tax rates across Australia

2 August 2022
Each state or territory in Australia administers its own payroll tax rates. These vary and can be affected by thresholds, exemptions, and entitlements which are subject to change.

Tax Insights | July 2022 edition

1 August 2022
In our July 2022 edition of Tax Insights, we take a look at recent ATO guidance on hybrid mismatch rules, how you can stay on top of your ATO debt, and a Royalty Withholding Tax explainer video.

FBT exemption for electric vehicles – what you need to know

29 July 2022
A new bill has been introduced to Parliament to remove fringe benefits tax (FBT) on electric cars, in a bid to make them more affordable.

ATO provides guidance on hybrid mismatch rules

12 July 2022
The Australian Taxation Office (ATO) has  recently published Taxation Determination TD 2022/9 regarding the hybrid mismatch rules.

Tax Insights | June 2022 edition

30 June 2022
In our June 2022 edition of Tax Insights we take a look at EOFY tax planning, the effect of Divison 7A in family law property settlements, and how the election result could implicate FBT on car parking.

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